Adrian Cheng resigned as CEO of Hong Kong property developer New World Development and was replaced by Ma Siu-Cheung after the company reported a loss of HKD 11.807 billion (US$1.52 billion).
The loss is largely attributable to writedowns in the business and is the company’s first annual loss in two decades.
Adrian Cheng, the son of billionaire Henry Cheng, has held several key positions in New World Development, including those of executive vice-chairman and general manager, according to the company website.
In August, it said it was expecting a one-off loss of US$1.06 billion from the disposal of NWS Holdings in fiscal 2024.
On Thursday, the company said it was in discussion with jewellery group Chow Tai Fook Enterprises, a company also controlled by the Cheng family and the controlling shareholder of New World, over the potential disposal of all of New World’s investment in Kai Tak Sports Park. No legally binding agreement has yet been entered into.
Chenga has also resigned his executive directorship with Chow Tai Fook, “to devote more time on [sic] public services and other personal commitments,” the company said in a separate stock exchange filing.
- Additional reporting by Reuters.
